Clara Homes Ventures into Multifamily Development with New 152-Unit Wynwood Project

Wynwood, Miami, known for its vibrant art scene and urban culture, is about to witness a transformative development as Clara Homes, a Miami-based firm, sets its sights on the iconic Austin Burke menswear store site. 

The acquisition and upcoming project: Clara Homes is under contract to purchase the 0.4-acre property located at 2601 Northwest Sixth Avenue for $7.7 million. According to a recent Clara news release, this acquisition will pave the way for the development of a 152-unit apartment building, marking the firm's expansion into the multifamily real estate sector.

The history behind the current building: In a unique sale-leaseback deal, it's worth noting that the Austin Burke store could continue to operate for a year after the sale is finalized. The property has a rich history, with records indicating that the owners, including Kenneth Sager, Barry Burke, Cindy Burke, and Lindsay Burke Casey, acquired the site for a mere $340,000 back in 1988. Austin Burke, the store's namesake, had established a presence in Fort Lauderdale and Miami Beach before his passing in 1987.

What makes this project unique: James Curnin, leading Clara Homes, has laid out a preliminary plan that leverages the recently passed Live Local Act, a state law that incentivizes developers to embark on larger projects in exchange for incorporating affordable or workforce housing. Designed by Kobi Karp, the proposed building will rise to a height of approximately 200 feet and will feature a rooftop padel court, as well as ground-floor retail spaces. Clara Homes will partly fund the site acquisition through seller financing.

Furthermore, this project has a commitment to affordability, with approximately 40 percent of the units set to offer below-market rents, aligning with the Live Local Act's intent.

Jordan Karp of Jordan Karp LLC brought and represented the Buyer and got Kobi Karp Architecture to be the AOR. The purchase, translating to $19.3 million per acre, is expected to be finalized by the end of the year, marking an exciting phase in the transformation of this Wynwood location.

A great addition to a lively neighborhood:  The Wynwood project brings a promising blend of housing options to a neighborhood known for its artistic and cultural appeal. This new development aligns with the ongoing trend of developers targeting Wynwood with innovative project proposals, further enhancing the district's dynamic character.